Black Sea Petroleum (BSP) has established European Advisory Council to facilitate communication with European institutions, according to information published on the company’s website. On October 15, the company also opened an office in Brussels, Belgium, aimed at strengthening cooperation with European institutions.
According to BSP, the new office will focus on EU affairs, deepening dialogue with European institutions and developing long-term partnerships in the energy sector.
Vazil Huda, a member of the Advisory Council, has served as Slovakia’s Minister of Economy and Vice-President of the European Investment Bank (EIB). He was also a member of the Supervisory Board of Georgia’s Development Fund and previously worked at J.P. Morgan and Citigroup.
Marino Franinović has served as Croatia’s Honorary Consul in Georgia since 2023. He previously worked in J.P. Morgan’s investment banking division covering the Balkan countries, as well as at the EIB. His main areas of expertise include the energy transition and international cooperation in the energy sector.
BSP’s plans to open an office in Brussels were first reported by Politico. The publication stated that the company’s European advisory board and strategic advisers would draw on their experience in European and international affairs to support engagement with EU institutions, national authorities and businesses across member states, while strengthening direct ties between BSP’s team in Georgia and its European counterparts.
BSP’s oil refinery began operations in October 2025 and, since August 2026, has processed only non-Russian-origin crude oil. The company has a supply agreement for Libyan crude oil through the end of 2027. The refinery currently has an annual processing capacity of 1.2–1.5 million tonnes, which is expected to gradually increase to 4.5–5 million tonnes. BSP has invested nearly €200 million in the project to date, with total investment expected to reach €650 million by 2029.
